Ricketts counting on state to chip in on Wrigley rehab

(Crain's) — The new owners of the Chicago Cubs feel so certain the state of Illinois will be willing to sell at least $200 million in bonds to help pay for Wrigley Field renovations that they have no back-up funding plan.

ISFA Chairman James Thompson said no formal proposal has been presented to his agency, which built U.S. Cellular Field and helped fund the renovation of Solider Field in 2003.

"We would obviously be pleased to consider it," Mr. Thompson said. Two years ago, his organization made a $600-million offer to then-Cubs owner Tribune Co. for Wrigley Field, but the media giant rejected the request.

The Ricketts family, who bought the Cubs from Chicago-based Tribune last year, has already spent more than $10 million fixing and maintaining Wrigley, but more is needed to keep the place running in the long term, Mr. Ricketts said.

"It's a 100-year-old building," he said. "We spend a lot of time patching and repairing and replacing concrete." Now the owners want to hash out a comprehensive plan that will ensure the stadium remains open for the next 50 years.

In an e-mail sent Thursday to Cubs season-ticket holders and Wrigleyville residents, Mr. Ricketts detailed the team's plans for the 96-year-old ball park. The state funding proposal was first reported Thursday on the Chicago Tribune's website.

Mr. Ricketts said the bonds would be repaid over 35 years using a cut of amusement tax revenue. Tickets are currently assessed a collective 12% amusement tax from the city of Chicago and Cook County. Last year, Wrigley Field events generated $16 million in amusement tax revenue.

As tickets become more expensive in the future — 2011 prices will not be raised, however — so will the amount of amusement tax collected. Mr. Ricketts proposes that any money generated above $16 million a year be diverted into repaying the state bonds, assuming the amusement tax rate does not increase.

His proposal requires approval by the Illinois Sports Facilities Authority, the Illinois General Assembly and the Chicago and Cook County governments.

In return for getting the state to issue the bonds for work on the stadium, the Rickets family would sink the same amount of money into developing land outside the park.

Mr. Ricketts cited the "triangle parcel" on the stadium's west side that is bordered by Clark Street and Waveland and Seminary avenues as an ideal candidate.

"We've been kind of stuck in that project because so many dollars are needed to go back into the park," Mr. Ricketts said. "It's hard to spend money around the park."

Mr. Ricketts said he hopes to get his proposal approved in time to begin renovations at the end of the 2011 season.

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